The investors in Integrated Cannabis Solutions Inc (OTCMKTS:IGPK) did not have a particularly great time in the markets on Wednesday as the stock suffered from a selloff and went down by as much as 6% for the day.
Trading Data
On Wednesday, IGPK stock moved down 5.97% to $0.0032 with 14.50 million shares, compared to its average volume 6.57 million shares. The stock moved within a range of $0.0030 – 0.0037 after opening trade at $0.0034.
Integrated Cannabis Solutions Issues Corporate Update
In this situation, it may be a good idea for investors to take a look at the update provided by the company yesterday and then make their minds up about the stock, one way or another. The company announced yesterday that Integrated Cannabis Solutions is going to be encompassing a total of three separate divisions, which are going to be controlled by its fully owned holding company.
One of those divisions is going to be Cannabis, while the other one is going to be Branding. The name of the third division has not been decided yet but Integrated Cannabis Solutions noted that the division is going to be built internally. More importantly, the company noted that it aims to generate revenues from each of the three divisions by the time December 2023 comes along.
It was a significant announcement from the company but it did not quite excite investors and that was possibly the reason behind the selloff in the Integrated Cannabis Solutions stock.
Technical Data
IGPK stock is trading above the 20-Day and 50-Day Moving averages of $0027 and $0.0027 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0023. The company has a total market capitalization of $5.22 million. The stock is up 23% over the past month.
